I calibrate the microfounded model in Boel and Camera (2009) to quantify the redistributive effects of inflation for a sample of OECD countries. In doing so, I address two important quantitative issues. First, using harmonized microdata from the Luxembourg Wealth Study, I provide an...

The welfare cost of anticipated inflation is quantified in a calibrated model of the U.S. economy that exhibits tractable equilibrium dispersion in wealth and earnings. Inflation does not generate large losses in societal welfare, yet its impact varies noticeably across segments of society...

The welfare cost of anticipated inflation is quantified in a matching model of money calibrated to twenty-three different OECD countries for several sample periods. In most economies, given the common period 1978-1998, a representative agent would give up only a fraction of 1% of consumption to...